In summary
- Dog-themed meme coins, led by Dogecoin, have seen a significant rise in value driven by market optimism.
- Trump’s recent election victory and his favorable approach towards cryptocurrencies have increased investor confidence in meme coins such as Dogecoin and Shiba Inu.
- Other meme coins such as Floki Inu, Dogelon Mars, and Baby Doge Coin have also seen increases, but are still below their all-time highs.
Dog-themed meme coins are running in droves, following the lead of Dogecoin’s (DOGE) incredible rise to three-year highs, fueled by Cryptocurrency tailwinds.
Top meme coin Alpha Doge hit a high of $0.29 on Sunday following a rally earlier in the day that saw the cryptocurrency soar to its highest point since October 30, 2021. The asset is up 27% in the last 24 hours, trading at $0.26, according to data from CoinGecko.
Favorable winds in the market
The recent election of President-elect Donald Trump, along with a likely “Red Wave” for Republicans in Congress, has increased investor confidence. Anticipated reductions in corporate taxes and deregulation are creating a more favorable climate for risk assets, especially in sectors highly sensitive to regulatory changes.
Trump has promised to protect Bitcoin Mining interests, take a lighter approach to cryptocurrency regulation, all while pledging to push for industry-friendly policies.
At the same time, the US Federal Reserve’s 25 basis point rate cut last week boosted market optimism, benefiting rate-sensitive sectors such as real estate and utilities. However, uncertainty remains over future rate cuts, as possible new tariffs under the Trump administration could boost inflation.
Dog-themed meme coins are also following in the wake of Doge, who is salivating at the prospects of Tesla CEO and billionaire Elon Musk’s close association with Trump. Throughout the campaign, Musk had expressed his support for the MAGA-aligned agenda, generating interest on social media platforms and crypto circles.
The trend has fueled speculative rallies in currencies linked to Musk’s image and associations, including Doge and others, as retail investors continue to get on board with the latest meme-driven narratives.
Closely following the leading dog in the race, Ethereum meme coin Shiba Inu (SHIB) is looking for a 26% rise in the same period. Ranked #11 by total market cap, SHIB was created in August 2020 by an anonymous developer known as Ryoshi.
As an Ethereum-based token, Shib was created as a decentralized, community-driven alternative to Doge. It gained popularity with influencer support and expanded its ecosystem to include ShibaSwap, an NFT project, and tokens such as Leash and Bone.
Concluding the race
Closely following the previous two, Floki Inu (FLOKI) has jumped 20% higher in the last 24 hours, hitting a market cap peak of $1.8 billion earlier in the day. However, the asset is still about 50% below its June 5 high of $0.0003449, according to data from CoinGecko.
Floki launched in June 2021, inspired by Elon Musk who named his Shiba Inu puppy Floki. It was originally created as a meme coin, however, its ecosystem now includes projects such as a metaverse game, a crypto education platform, and an NFT marketplace.
Meanwhile, Dogelon Mars (ELON) and Baby Doge Coin (BABYDOGE) are up approximately 17% and 11% respectively in a 24-hour period, but remain approximately 94% and 57% below their highs. respective histories.
Elon, the token, not the man, combines themes of space exploration with the Doge meme, capturing interest through his narrative of a “mission to Mars.”
On the other hand, Babydoge focuses on community involvement and charity, especially animal welfare, promoting itself as a token for social good within the crypto space. Both have brought together dedicated communities and aim to bring unique value to the memecoin landscape.
Edited by Andrew Hayward
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